Find Your Home Insurance Value

As times change, reevaluate the insurance value of your home and possessions.

In many ways, life is a series of decisions. You may not need to make decisions about your homeowners (or renters) insurance every day, but it is something you should rethink every so often.

Your insurance needs change if the value of your home or possessions changes, which can be influenced by many factors. Here are some factors to discuss with your agent, or that might trigger the need for a meeting.

• You’ve made improvements to your home. Adding a new kitchen or roof adds to the value of your home. It also increases the cost to rebuild your home if it’s ever damaged. You’ll want enough coverage to pay to rebuild to the same specs and quality you have now.
   
• You’ve gotten married or taken in an aging parent. Merging households? Consider who has the best insurance, suggests the Insurance Information Institute (III). Be sure to think about what bringing together your belongings means to your insurance needs, too. All those wedding gifts and precious heirlooms should be covered.
   
• You’ve had other life changes. Getting divorced, moving in with someone, having children or changing employment are all good times to reevaluate your coverage. You may need to adjust your policy or deductible, or find you don’t need as much coverage as you did before.
   
• You’ve received major gifts. The big-screen TV or jewelry you got for your birthday or the amazing antiques you inherited from a dearly departed aunt may require additional insurance.
   
• You’ve made home security or disaster-proofing improvements. Adding storm shutters, reinforcing your roof or adding burglar alarms can all make your home more secure—and may result in insurance discounts.
   
• You’ve realized some of your items aren’t worth what they used to be. Everything from electronics to fur coats can lose value over time. If you haven’t made any major purchases lately, accounting for the depreciation of these items may help you save on your policy.